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Started By
Message
re: Treasury hinting at timing on PPP disbursements?
Posted on 4/8/20 at 8:36 pm to tgrbaitn08
Posted on 4/8/20 at 8:36 pm to tgrbaitn08
Has your revenue fluctuated drastically from 2019 to 2020? If not, the guidelines would state that you should base your average monthly payroll from Jan '19 thru Dec '19 in addition to average monthly health insurance and retirement plan costs. This seems more to be a request from the bank that you're working with rather than what the guidelines currently state.
However, are you working with a new bank on this deal? If so, I could see why. In this case they would need to verify that you're still in business and carrying payroll. I believe you mentioned that you have a very low headcount which would give even more reason for this request.
However, are you working with a new bank on this deal? If so, I could see why. In this case they would need to verify that you're still in business and carrying payroll. I believe you mentioned that you have a very low headcount which would give even more reason for this request.
This post was edited on 4/8/20 at 8:40 pm
1
Posted on 4/8/20 at 8:41 pm to LSUFanHouston
This was unwelcomed news for me today. Our banker had just told me yesterday that we would be able to defer origination until any time before 6/30. That worked for us because we have some pretty heavy labor weeks coming up in June/July that would be the best 8 week period to capture payroll numbers.
Still happy we got our loan approved after seeing all the folks on here still waiting to hear from their bank, just a slight let down after things looked to be falling into our best case scenario.
Still happy we got our loan approved after seeing all the folks on here still waiting to hear from their bank, just a slight let down after things looked to be falling into our best case scenario.
Posted on 4/8/20 at 9:02 pm to PrettyLights
quote:
Has your revenue fluctuated drastically from 2019 to 2020?
Revenue doesn’t matter. This is strictly payroll. They’re not asking for tax returns for the PPP.
quote:
are you working with a new bank on this deal?
No
Posted on 4/8/20 at 9:03 pm to VABuckeye
quote:Mine went to underwriting today.
10 days after approval I can live with. The problem is how long are the damned things going to take to process?
Posted on 4/8/20 at 9:26 pm to tgrbaitn08
quote:
Revenue doesn’t matter. This is strictly payroll. They’re not asking for tax returns for the PPP.
I realize that. The nature of my question was for a different reason. The request seems odd given you have a working relationship with this bank.
This post was edited on 4/8/20 at 9:27 pm
Posted on 4/8/20 at 10:03 pm to PrettyLights
quote:
The request seems odd given you have a working relationship with this bank.
Yeah I agree. We sent them our YTD payroll through March 3rd. We all took salaries in Jan which jives with our 12 month average, only one, which is the lowest took one in February, then the lowest took another at the beginning of March. The other 2 took ours after March 3rd which doesn’t really matter
I’m sure we’ll be okay. We’ve been in business for over 30 years and this is the only bank we’ve ever been with. They know us well
It was just a weird request to ask for our Feb 2020 payroll.
Posted on 4/9/20 at 12:53 pm to LSUFanHouston
Anybody else receive an email from chase (no Morgan, to be specific) to request more information on their ppp loan? Just received and an email, but looks sketch AF. Haven’t tried to open it. It’s also not showing up under my chase account, but that doesn’t surprise me with how broken everything is.
Anybody else?
Anybody else?
quote:
This is a secure, encrypted message.
Desktop Users: Open the attachment (message_zdm.html) and follow the instructions.
Mobile Users: You can now use the SecureMail mobile application to read and reply to email on your personal mobile device.
Need Help? Personal Security Image Your personalized image for: xxxxxx This personal security image will appear on secure email to you. If it's missing or unrecognized, please contact customer support. Learn more
Posted on 4/9/20 at 1:03 pm to TigerDeBaiter
Don’t know about that one, haven’t received anything like that
Posted on 4/9/20 at 1:51 pm to Penn
I called chase and it appears to be legit
Posted on 4/9/20 at 11:50 pm to VABuckeye
(no message)
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